VICI Properties recorded revenue of $ 662.5 million (£ 543.6 million / € 649.1 million) in the second quarter of this year. .
VICI CEO Edward Pitoniak said the quarter was the first since VICI acquired The Venetian Resort Las Vegas for $4 billion and MGM Growth Properties Inc for $17.2 billion. At the end of Q1 2022 – Focused on growth.
“The second quarter of 2022 was another period of change for VICI,” said Pitoniak. “At the end of April, we completed our strategic acquisition of MGM Growth Properties, making VICI one of the most attractive portfolios of Class A real estate trusts in the United States.”
“Improved access to capital allows us to proceed opportunistically while continuing our growth journey.”
Even including past-year-acquired rentals in comparative figures, revenue increased 76% compared to $376.4 million in Q2 2021.
Revenues totaling $375.1 million were from sales-type leasing, up 28.8% year-over-year. Revenues from lease financing receivables and loans increased significantly, up 273.9% to $261.7 million.
Other revenues and golf revenues account for the remaining $ 25.7 million.
Operating expenses were $602.5 million compared to negative $7.7 million in the second quarter of 2021.
The largest cost was due to the reclassification of assets related to the acquisition. However, an additional $ 117 million was due to an increase in the short-term default probability of VICI tenants who own casino facilities.
The business also incurred interest expense of $133.1 million. After financial and interest income, VICI posted a pre-tax loss of $57.1 million.
After-tax net loss totaled $58.1 million, compared with a profit of $300.3 million a year earlier.
Revenues in the first half were $ 1.07 billion, an increase of 43.7% from the first half of 2021. In the six months leading up to June 30, he was the best form of income with $ 581.2 million in revenue from retail leasing.
Operating expenses for the half year were $708 million, an increase of $691 million from the prior year.
After considering income taxes and other costs, the net loss was $ 182.6 million.
Before the end of the quarter, the VICI Appointed Kellan Florio Appointed Senior Vice President and Chief Investment Officer and appointed Moira McCloskey as Vice President of Capital Markets.
